This rule allows for funds of public education foundations or funds given to an entity that were given by gift, devise, or bequest to be invested in a broader range of investments as these types of funds are longer term or permanent in nature. It allows for the use of highly rated mutual funds, equity securities, fixed income securities, and fixed income securities issued by agencies of the United State and US government sponsored organizations with no limit on maturity. It provides for limitations on the percentage of the funds that may be in equity securities, the disposition of non-qualifying investments, investment policy approval by trustees and reporting requirements.